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As a show of investor confidence towards future outlook for the Singapore office market, property firm Oxley Holdings announced that they are buying the iconic Raffles Place building Chevron House for $660 million, helping the local office market end the year with a bang.
The mainboard-listed company is acquiring the 32-storey building from Deka Singapore, a unit of Germany's DekaBank Group. Oxley intends to renovate the commercially zoned site. The office tower has a net lettable area of about 215,667 sq ft while the retail area is around 45,613 sq ft. The acquisition is expected to be completed by late March.
Oxley continues to expand its Singapore residential landbank; it has been awarded the collective sale of Vista Park at S$418 million, which works out to about S$1,096 per square foot per plot ratio, inclusive of an estimated S$72 million payable to the state to top up the site's lease to 99 years.
The mainboard-listed company is acquiring the 32-storey building from Deka Singapore, a unit of Germany's DekaBank Group. Oxley intends to renovate the commercially zoned site. The office tower has a net lettable area of about 215,667 sq ft while the retail area is around 45,613 sq ft. The acquisition is expected to be completed by late March.
Oxley continues to expand its Singapore residential landbank; it has been awarded the collective sale of Vista Park at S$418 million, which works out to about S$1,096 per square foot per plot ratio, inclusive of an estimated S$72 million payable to the state to top up the site's lease to 99 years.
Chevron House, formerly called Caltex House, is a high-rise skyscraper located in the central business district of Singapore at 30 Raffles Place, in the financial district of Raffles Place. Completed in 1993 with direct access to Raffles Place MRT station, it has 27 levels of office space and five for retail outlets and 96 carpark spaces in the two basement levels.
The sale of Chevron House is the last of a few major office sales in 2017 including PWC Building at S$746.8 million, GSH Plaza at S$663.5 million, Asia Square Tower 2 at S$2.09 billion and 50 per cent of One George Street at S$591.6 million.
V on Shenton is situated in Shenton Way near Tanjong Pagar MRT, Marina Bay MRT and Raffles Place MRT
Urban Redevelopment Authority (URA) revealed on 15 Dec 2017 (Friday) that developers sold 785 private homes in November 2017, this figure is higher than the previous month in Oct 2017. These figures exclude executive condominium (EC) units.
The URA's data, compiled from its survey of licensed housing developers, also showed that developers found buyers for 148 EC units last month, lower than the 211 units in October and the 251 units in November last year. This could be due to lesser units of ECs available in the market.
The URA's data, compiled from its survey of licensed housing developers, also showed that developers found buyers for 148 EC units last month, lower than the 211 units in October and the 251 units in November last year. This could be due to lesser units of ECs available in the market.
Parc Botannia in Sengkang by Sing Holdings and Wee Hur Holdings sold 230 units on its first weekend of launch
Developers also moved units in earlier launched projects. Hao Yuan Investment sold 71 units last month at the Queens Peak condo next to Queenstown MRT Station at a median price of S$1,694 per square foot (psf).
Kingsford Property Development sold 38 units at its Upper Serangoon View project Kingsford Waterbay at a median price of S$1,346 psf.
GuocoLand moved 35 units at Sims Urban Oasis at a median price of S$1,508 psf.
In Lorong 5 Toa Payoh, the developers of Gem Residences transacted 34 units at a S$1,517 psf median price.
Kingsford Property Development sold 38 units at its Upper Serangoon View project Kingsford Waterbay at a median price of S$1,346 psf.
GuocoLand moved 35 units at Sims Urban Oasis at a median price of S$1,508 psf.
In Lorong 5 Toa Payoh, the developers of Gem Residences transacted 34 units at a S$1,517 psf median price.
'Oxley Holdings buys Chevron House' article on Straits Times Published on Dec 15, 2017 & 'Developers sell 785 private homes excluding ECs in Nov, up from 760 units in Oct: URA' article on Business Times - Fri, Dec 15, 2017
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